Illinoisans in line for restitution payments under Navient settlement

Thousands of Illinoisans will receive restitution payments and debt cancellations from Navient, one of the nation's largest student loan servicing companies, under terms of a multistate settlement.

The payouts and debt relief will resolve years-old lawsuits filed by attorneys general from nearly 40 states and provide "substantial" compensation to borrowers, especially those targeted by Navient for so-called subprime loans to attend for-profit colleges, Illinois Attorney General Kwame Raoul said at an online news conference Thursday.

Navient did not admit to any wrongdoing as part of the settlement.

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